North Point Hospitality Group, Inc., an Atlanta based hotel development and operations company, announced the sale of its 160-unit SpringHill Suites by Marriott Savannah Historic District on Thursday, December 5, 2013. The property was purchased by a Florida based real estate investment trust at a purchase price of $250,000 per unit.
“The SpringHill Suites by Marriott Savannah Historic District is a great asset and the timing of the sale was such that it represented significant value for both buyer and seller,” said S. Jay Patel, President and CEO of North Point Hospitality Group. “We continue to be optimistic about the Savannah market and our growing presence there. Additionally, this transaction paves the way for our future development plans. In 2014 alone, we expect to break ground on five hotels in the Southeast, comprising of 760 rooms at a Total Project Development Cost of $155,000,000.”
North Point Hospitality Group, Inc. currently owns and operates four Hilton branded hotels in the Savannah area, totaling 537 rooms in the market. NPHG is expected to break ground on its newest Savannah hotel (162-unit Homewood Suites by Hilton Savannah Historic District / Riverfront) in early 2014 on the Savannah Riverfront as part of the company’s newest development, River Street East. River Street East is a phased mixed-use development including multiple hotels, retail space, riverfront dining with captivating views of the Savannah River and a 500-space parking structure, all wholly owned and operated by NPHG at a total build out cost in excess of $150,000,000.
About North Point Hospitality Based in Atlanta, GA, North Point Hospitality Group is an award winning hotel development and operations company. North Point and its affiliate companies have developed 32 hotels from the ground up with a total investment over $322 million. Currently the company owns and operates nine Hilton branded hotels in the Southeast with another 10 hotels under development.